In order to ensure a successful marriage between the agricultural and financial sectors of the economy, an effective plan and policies need to be in place in African countries.
This was said by Mr. Fred Omach, the Minister of State at the Ministry of Finance, Planning and Economic Development (General Duties), during the official opening of the international conference on making finance work in Africa at Speke Resort Hotel, Munyonyo in Uganda.
He said the process of policy making and adjustment can be informed from those at the front line of the economy – both those down on the farm and those that provide them with financial services and make the real economy tick better.
“Our policy work is geared to assisting to bridge the gap between banks and farmers," he said. "Like all successful policy work, it depends on feedback."
According to the statistics from Bank of Uganda, agriculture is the most important sector in Uganda. It accounts for 21% of Uganda’s GDP, 73% of Uganda's population is employed in agriculture and 48% of Uganda’s export revenues stem from it.
The conference was organized by the Bank of Uganda, the GIZ, and organisers of the Pre-Conference Uganda Day under the theme on resolving the Challenges of Agricultural Finance in Uganda.